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Bulgari forecasts first quarterly loss since 1999

April 17, 2009

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Rome--Bulgari SpA is expecting a first-quarter loss for 2009, a decline that, if proven true, would make it the first such quarterly loss for the company since 1999, a spokesman for the brand has confirmed.

The Italy-based company held its annual shareholder meeting in Rome on April 16, where Chief Executive Officer Francesco Trapani said that a first-quarter loss is what he believes is in store for the brand. He did not quantify the potential loss.

To stabilize Bulgari's share price, shareholders at the meeting authorized the brand to buy back as much as 30 million euros of its stock, more than $39.7 million.

As the economy has declined, the brand has said it would begin closing underperforming stores. In addition, it is also introducing a lower price-point line of watches made of steel.

Despite the potential loss, Trapani's outlook remains positive, with the CEO predicting that orders for the second quarter will improve as retailers begin shedding stocks of unsold goods.
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Business | Company Activities and Information | Corporate Reporting | Earnings and Loss Announcements | Earnings and Losses

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